Monday, January 30, 2012

Technical Difficulties

Another Monday, I don't like them. Still, was a better Monday than usual.

Drive Profits Like You Stole Them
I always do most of my screening and chart work on Sundays to get ready for the week ahead. For shorter term trades I try and stick to a one week time frame. In the iBC trading room, the 12631, I work out ideas and post charts for discussion. Last night I had over 8 real candidates. The soft open today kept most of them from moving, but soon after the open one name was looking good and it was not even a pick of mine.

Sunday night I checked out Art of Tradings Trader Stewie's post:10 New Setups To Watch Next Week
All nice looks but one stood out to me big time, ROVI. This chart just looked explosive. Here is my work up:

I was in this morning early as this stock stabilized fast. Then it took off. Hard.

I was trying to sell in the afternoon but my smart phone kept acting up and freezing. Was not a great feeling. I got it pushed through and closed the trade with a 5% gain for the day. Looking at the chart I would revisit this name with a close over $35, this could be a big runner.
(You can follow Stewie on Twitter; @Traderstewie)

Technical Difficulties
The open was pretty messy today but you had to figure it was going to get bought. I had a bunch of names to think about opening spots in, but they were hanging around and there seemed to be no hurry. Add to that I had a hot runner from the position above and technical difficulties with my phone all day and I mostly did nothing.

And that's fine.

As long as the market stops being a freak show of insanity, there is always plenty of time to trade. I have been banging the table for a few weeks about individual names performing better than they have in a while. Even Josh Brown was on CNBC (first clip in this series) talking about the same thing:Media: Set-Up City

One name I like (it has SEX in the ticker!) is MSEX and it's still looking ready to roll:

I have plenty more.

It is still a favorable tape that will reward solid homework and set-up hunting. Until I see the names and set ups I am watching start to fail overall in large numbers, I will keep a lack of interest in broad market moves.

Hey, 5% is a pretty good return. I've always said that anyone who promises you more than 3% to 6% is a con artist. Unless you're buying barer bonds, which pay 12%. But you have to hold onto those for a long time.

I had to write ads yesterday. What a pain. You have no idea what this involves. Price changes--and yes they're all going down, one by $20,000 in a month--pending listings, new listings, all have to be marked or entered. It takes hours.

I have no idea what is going on with this economy. But if I were you, I'd look into barer bonds. And keep them in a safety deposit box.